Kochi: Kerala Chief Minister Pinarayi Vijayan and others were issued notices by the Directorate of Enforcement (ED) for issue of bonds of Rs 466 crore allegedly violating
Foreign Exchange Management Act (FEMA), Economic Times reported.
Former state finance minister Thomas Isaac, Pinarayi’s former principal secretary K M Abraham were among those issued the show cause notices.
KIIFB, which is state government’s agency for funding large-scale infrastructure projects, had raised Rs 2,150 crore in 2019 through Masala Bond on the London Stock Exchange as part of mobilising Rs 50,000 crore.
Investigators examined whether the Rs 2,000 crore raised through the issue was utilised in accordance with external borrowing rules.
Pinarayi others get ED notices
